Indianapolis Market Watch for January 2008

INDIANAPOLIS – Home sales in Central Indiana are off to a moderate start with 1,962 homes sold in January, down 12.2 percent from the 2,235 homes pended in January 2007, according to pended sales statistics compiled by the F.C. Tucker Company.

Of the nine counties in the Indianapolis area, Madison County experienced the only increase over January 2007 with a 9.6 percent spike in home sales. Home sales in Shelby County dropped 35.4 percent compared to January 2007.

The average sales price for a home in January was $133,671, 4.9 percent less than the average sales price of $140,485 in January 2007. Homes spent an average of 97 days on the market, three days more than January 2007.

Madison County’s inventory also decreased 13.4 percent compared to January 2007. Inventory in Hamilton County was up 5.7 percent, the most significant increase in the nine-county region.

Despite the slow start in 2008, home sales are likely to improve by mid-year as consumer confidence increases due to lower mortgage rates, less housing inventory and moves by the Federal government to stimulate the economy, said H. James Litten, President of F.C. Tucker Company’s Residential Real Estate Services Division.

“We are still experiencing a real estate market on the mend, but the situation should correct itself later in the year as more home buyers come off the sidelines. And they should,” Litten said. “With each passing month of moderate real estate sales activity, there is more and more pent-up demand from prospective home buyers waiting for the right moment. When that moment comes, the real estate market may well roar back to life. So buyers who have the financing are making their moves early.”

Pended single-family and condominium home sales

County

Jan-07

Jan-08

% Change

Boone

75

69

-8.0%

Hamilton

386

360

-6.7%

Hancock

78

74

-5.1%

Hendricks

190

167

-12.1%

Johnson

160

143

-10.6%

Madison

114

125

9.6%

Marion

1,112

938

-15.6%

Morgan

72

55

-23.6%

Shelby

48

31

-35.4%

TOTAL

2,235

1,962

-12.2%

Active listings

County

Jan-07

Jan-08

% Change

Boone

495

497

0.4%

Hamilton

2,680

2,834

5.7%

Hancock

623

649

4.2%

Hendricks

1,278

1,326

3.8%

Johnson

1,284

1,263

-1.6%

Madison

1,149

995

-13.4%

Marion

9,059

9,407

3.8%

Morgan

601

592

-1.5%

Shelby

369

383

3.8%

TOTAL

17,538

17,946

2.3%

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on Feb. 7, 2008.

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